Sigma Lithium (NASDAQ:SGML) Shares Up 7.8% – Time to Buy?

Shares of Sigma Lithium Corporation (NASDAQ:SGML) shot up 7.8% during trading on Tuesday . The stock traded as high as $16.60 and last traded at $16.3880. 1,763,303 shares were traded during trading, a decline of 36% from the average session volume of 2,772,443 shares. The stock had previously closed at $15.20.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SGML. Bank of America cut shares of Sigma Lithium from a “buy” rating to a “neutral” rating and set a $7.00 price objective on the stock. in a research report on Friday, October 24th. Zacks Research raised shares of Sigma Lithium from a “strong sell” rating to a “hold” rating in a research report on Tuesday, November 25th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Sigma Lithium in a research note on Monday, December 29th. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Sigma Lithium currently has a consensus rating of “Reduce” and a consensus target price of $7.00.

Sigma Lithium Trading Up 8.3%

The company has a debt-to-equity ratio of 1.38, a current ratio of 0.49 and a quick ratio of 0.32. The stock’s 50-day moving average is $9.83 and its two-hundred day moving average is $7.37. The company has a market cap of $1.83 billion and a P/E ratio of -53.11.

Sigma Lithium (NASDAQ:SGML) last announced its earnings results on Friday, November 14th. The company reported ($0.10) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.10). The business had revenue of $28.55 million during the quarter, compared to analyst estimates of $70.54 million. Sigma Lithium had a negative net margin of 24.13% and a negative return on equity of 35.97%. As a group, equities research analysts predict that Sigma Lithium Corporation will post -0.12 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Sigma Lithium

A number of large investors have recently made changes to their positions in the company. BNP Paribas Financial Markets lifted its stake in shares of Sigma Lithium by 15.9% in the 2nd quarter. BNP Paribas Financial Markets now owns 21,897 shares of the company’s stock worth $99,000 after purchasing an additional 3,005 shares during the period. Virtu Financial LLC grew its position in shares of Sigma Lithium by 26.6% during the 3rd quarter. Virtu Financial LLC now owns 20,053 shares of the company’s stock valued at $129,000 after acquiring an additional 4,210 shares during the period. Electron Capital Partners LLC increased its stake in shares of Sigma Lithium by 0.4% in the 2nd quarter. Electron Capital Partners LLC now owns 1,067,947 shares of the company’s stock worth $4,806,000 after purchasing an additional 4,557 shares in the last quarter. Millennium Management LLC raised its holdings in Sigma Lithium by 6.4% in the 3rd quarter. Millennium Management LLC now owns 81,543 shares of the company’s stock worth $520,000 after purchasing an additional 4,909 shares during the period. Finally, Legal & General Group Plc lifted its position in Sigma Lithium by 0.5% during the third quarter. Legal & General Group Plc now owns 1,312,232 shares of the company’s stock valued at $8,416,000 after purchasing an additional 7,157 shares in the last quarter. 64.86% of the stock is currently owned by institutional investors.

About Sigma Lithium

Sigma Lithium Corp. is a Canada-based mineral exploration and development company focused on the sustainable production of battery-grade lithium from hard rock deposits. The company’s flagship asset is the Grota do Cirilo lithium project, located in the state of Minas Gerais, Brazil. Grota do Cirilo comprises a fully permitted, low-altitude spodumene mine and processing plant designed to produce high-purity lithium concentrate and downstream lithium hydroxide for the global electric vehicle and energy storage markets.

Since its founding in 2018, Sigma Lithium has pursued a vertically integrated approach, overseeing each stage of production from ore extraction and beneficiation to chemical conversion.